Over the past six months, the software sector has undergone a violent re-rating known by the market as the “SaaSpocalypse.” The core concern is singular: whether generative AI will bypass and replace traditional software companies that rely on subscription models, thereby structurally destroying their business models. According to financial media estimates, global software stocks lost approximately $2 trillion in market capitalization during this period alone. However, the recently concluded earnings season, along with the Microsoft Build 2026 conference in San Francisco in early June, is pushing the narrative in the opposite direction. This article explores three questions: whether AI is disrupting software or injecting new growth…